Bill Text - SB376 (2006)

Relative to revenues dedicated to the education trust fund.


Revision: Jan. 21, 2010, midnight

SB 376-FN-A – AS AMENDED BY THE HOUSE

04May2006… 1791h

2006 SESSION

06-2868

09/04

SENATE BILL 376-FN-A

AN ACT relative to business tax revenues dedicated to the education trust fund.

SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Clegg, Dist 14; Sen. Eaton, Dist 10; Sen. Flanders, Dist 7; Sen. Gallus, Dist 1; Sen. Gottesman, Dist 12; Sen. Green, Dist 6; Sen. Hassan, Dist 23; Sen. Johnson, Dist 2; Sen. Kenney, Dist 3; Sen. Martel, Dist 18; Sen. Morse, Dist 22; Sen. Odell, Dist 8; Rep. King, Coos 1; Rep. Major, Rock 8

COMMITTEE: Ways and Means

AMENDED ANALYSIS

This bill changes the amount of business tax revenues which are required to be deposited in the education trust fund.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

04May2006… 1791h

06-2868

09/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Six

AN ACT relative to business tax revenues dedicated to the education trust fund.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Business Profits Tax; Distribution. RSA 77-A:20-a is repealed and reenacted to read as follows:

77-A:20-a Distribution of Funds. Thirty eight percent of the combined revenues produced by the business profits tax under this chapter and the business enterprise tax under RSA 77-E shall be deposited in the education trust fund established under RSA 198:39.

2 Business Enterprise Tax; Distribution of Funds. RSA 77-E:14 is repealed and reenacted to read as follows:

77-E:14 Distribution of Funds. Thirty eight percent of the combined revenues produced by the business enterprise tax under this chapter and the business profits tax under RSA 77-A shall be deposited in the education trust fund established under RSA 198:39.

3 Effective Date. This act shall take effect July 1, 2006.

LBAO

06-2868

Amended 5/16/06

SB 376 FISCAL NOTE

AN ACT relative to business tax revenues dedicated to the education trust fund.

FISCAL IMPACT:

The Department of Revenue Administration states this bill, as amended by the House (Amendment #2006-1791h), will have no fiscal impact on state, county and local revenue or expenditures.

METHODOLOGY:

The Department indicated this bill changes the distribution of business taxes into the Education Trust Fund to 38% of the combined revenues produced by the business profits and the business enterprise tax. The Department stated 38% is equal to the average amount deposited in the Education Trust Fund over the previous three year period, therefore, this bill will not change the amount deposited in the Education Trust Fund. The Department further stated this bill will clarify and simplify administration of the tax revenues and can be administered without any additional cost.

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